The Hindu : Andhra Pradesh News : Money-lenders’ grip over ryots irks Chidambaram

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Sunday, Dec 16, 2007
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Andhra Pradesh

Andhra Pradesh

Money-lenders’ grip over ryots irks Chidambaram

Special Correspondent

Photo: G. Krishnaswamy

Farmer-friendly: Union Finance Minister P. Chidambaram presents a cheque to a woman SHG at the launch of Andhra Bank Mahila Soubhagya scheme in Nizam College on Saturday. -

HYDERABAD: Union Finance Minister P. Chidambaram has expressed concern at money-lenders continuing to lure farmers in villages despite banks helping the government keep up its promise to double agricultural credit in the last three years.

The continued presence of money lenders was a matter of concern, Mr. Chidambaram told a public meeting here on Saturday to mark the launch of ‘AB Kisan Rakshak and AB Mahila Soubhagya’ schemes of Andhra Bank. Both of them were debt swapping schemes to help farmers and self-help groups clear off their loans borrowed from money lenders.

Banks lauded

Mr. Chidambaram lauded the role of banks in Andhra Pradesh, particularly Andhra Bank, in lending. Realising that poor villagers were walking into a perpetual debt trap, Mr. Chidambaram said he had, three years ago, desired that all banks introduce debt swapping schemes. The Union Finance Minister said the debt swapping schemes would operate independent of the ‘pavala vaddi’ programme.

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